BK Modi-promoted diversified business group Spice Global has invested an undisclosed amount in Southern California-based ONEHOPE Wine, a company that donates half of the profit earned from selling a wine bottle.
As a part of this deal, ONEHOPE Wine’s products will be made available in the Indian and Asian markets through Spice Global’s Pangaea Club in Delhi and other hotel bars and restaurants Spice Global has partnered across the globe. The products will be introduced by the year end.
Ozi Amanat, chief investment officer of Spice Global, will join the advisory board of ONEHOPE Wine to help its growth and strategic planning. A Harvard graduate, Amanat was brought in as CIO of the group last December. He was previously working as chief of a multi-billion dollar family office in New York; he also worked for Oppenheimer and Co.
Talking about the latest investment, Amanat said, “We at Spice Global have been moving steadily on diversifying the group portfolio and creating value for all our stakeholders. We will continue to make more partnerships in other verticals to create a healthy balance of our portfolio.”
ONEHOPE donates half of all profits generated from every bottle of wine sold to philanthropic causes focused on breast cancer, AIDS prevention, Autism research, childhood hunger and others.
Commenting on the association, Joe Lonsdale, founding partner, ONEHOPE Inc, said, “Since the launch of ONEHOPE Wine in 2007, we have raised over $1 million for a wide range of non-profit organisations. ONEHOPE not only produces its own cause-centric products and services but is also the creator and provider of consulting services for companies on cause-centric commerce.”
Spice Global is a $2 billion conglomerate with presence across sectors such as telecom, finance, entertainment technology and healthcare.
(Edited by Joby Puthuparampil Johnson)